Union minister of state for Corporate Affairs, RPN Singh Friday informed the Lok Sabha that out of 1,55,939 dormant companies in India, 37 registered companies from Nagaland were inactive, dormant and have been in such mode for at least three years as on July 31. He also informed that Corporate Identity Number (CIN) was mandatory for all types of companies registered in India. A total of 1029363 private companies and 116603 public companies are existent in India. Singh revealed that the ministry had announced two schemes– ‘Easy Exit Scheme, 2010’ (w.e.f. 26.05.2010 to 31.08.2010) and ‘Easy Exit Scheme, 2011’ (w.e.f. 1.1.2011 to 30.04.2011) He said from July 3, 2011, the Ministry had come out with guidelines for ‘Fast Track Exit Mode’ for simplified exit of defunct companies, which have not commenced their business since their incorporation or are not carrying on any business for the last one year. As per present policy of the Ministry, such companies, which have not filed their annual returns and balance sheets for last three consecutive years or more, are identified as dormant companies.
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